Budimex will need to double in size

10-03-2008, 17:05

Warsaw (Puls Biznesu) – Poland’s biggest construction company will double employment and sales if it wins at least part of the tenders it is taking part in.

Budimex group is getting ready to take part in EURO2012 investments.

“In Warsaw only a national stadium, a subway and a district road must be built extremely quickly. Highways must be constructed as well. Some contracts are worth several or a dozen billion zloty. If we win at least part of the tenders, we will have to nearly build a second company while we are already the biggest one”, Marek Michalowski, Budimex CEO and the head of the Polish Association of Construction Employers said.

He means doubling sales and employments. Last year, the group had PLN 3bn (EUR 840m) of sales and employed 5,400 people.

Bigger contracts mean bigger financial costs for guarantees. That’s why Budimex will need help from investors.

“We consider a new share issue. There are several ways to get capital. We have big credit lines. We may increase the capital, issue new shares or bonds. We will know this year, which tenders we win. Next year, we will present the amounts to our shareholders and we will propose ways of raising the capital”, Budimex CEO said.

(PLN 1 = EUR 0.280)

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